Raising the Debt Limit

Damian Paletta talked about the upcoming confrontation between the Obama administration and Congress over raising the debt…
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Damian Paletta talked about the upcoming confrontation between the Obama administration and Congress over raising the debt limit. Treasury Secretary Jack Lew wrote to Speaker Boehner and other congressional leaders August 26, 2013, that the government would reach its $16.7 trillion debt ceiling in mid-October, and he urged Congress to raise the limit as soon as possible. Speaker Boehner had said Republicans would not increase the debt limit unless real cuts in spending were made that would reduce the deficit. President Obama had said that he would not negotiate with Republicans. Topics included possible spending cuts and how the economy could be affected. He responded to telephone calls and electronic communications. close

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*The transcript for this program was compiled from uncorrected Closed Captioning.